Anyone who has ever gone swimming in the ocean knows that, in a violent surf, the swimmer can’t spend time and energy in the waves near the shore being knocked about. They either swim out beyond them, or swim into the beach. Using that analogy, think about lenders and vendors in the current environment. Having “no plan” is not a plan. Best to go one way or the other, because staying in the surf can be exhausting. (It will be a topic of today’s chat between the MBA’s fabled chief economist Mike Fratantoni and me at 11AM PT.) Meanwhile, capital markets departments are grappling with renegotiations, although I am hearing from lenders that with pipelines primarily consist of non-rate sensitive new home purchases and cash-out refis. It would be fair to expect new, lower mortgage rates to actually stimulate some new demand by consumers. And consumers certainly have options, including sponsored stories about the best cash-out refinance and home equity loan p